2020 10 06 SA Minutes Special MeetingCITY AS SUCCESSOR AGENCY TO RDA Page 1 of 2 OCTOBER 6, 2020
SPECIAL MEETING
SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
TUESDAY, OCTOBER 6, 2020
CALL TO ORDER
A Special Meeting of the La Quinta City Council in their capacity as Successor
Agency to the La Quinta Redevelopment Agency (“SA”) was called to order
at 8:40 p.m. by Chairperson Evans.
This meeting provided teleconference accessibility pursuant to Executive
Orders N-25-20, N-29-20, N-33-20, and N-35-20, executed by the Governor
of California in response to the state of emergency relating to novel
coronavirus disease 2019 (COVID-19) and enabling teleconferencing
accommodations by suspending or waiving specified provisions of the Ralph
M. Brown Act (Government Code §54950 et seq.).
PRESENT: Agency Members Fitzpatrick, Radi, Sanchez, Chair Evans
ABSENT: Agency Member Peña
STAFF PRESENT: Executive Director McMillen, Agency Counsel Ihrke, Agency
Secretary Radeva, Deputy City Clerk Romane, Finance Director Romero
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA – None
CONFIRMATION OF AGENDA – Confirmed
BUSINESS SESSION
1. ADOPT A RESOLUTION FOR ISSUANCE AND SALE OF
SUBORDINATE TAX ALLOCATION REFUNDING BONDS
[RESOLUTION NO. SA 2020-001]
Finance Director Romero presented the staff report, which is on file in the
Clerk’s Office.
Agency Members discussed that it is anticipated for interest rates to remain
low over the next five (5) months until the bond refinance is completed.
PUBLIC SPEAKER via TELEPHONIC ACCESSIBILITY: Robin Thomas, SVP,
Managing Director with Hilltop Securities, Inc. – said the upcoming
CITY AS SUCCESSOR AGENCY TO RDA Page 2 of 2 OCTOBER 6, 2020
SPECIAL MEETING
November 3, 2020 election could affect the interest rates, however, due to
COVID-19, additional market volatility is very low.
Finance Director Romero said she, City Manager McMillen, and Financial
Services Analyst Hallick will be the point Staff member on the Last and Final
Recognized Obligation Payment amendment, which will be initiated following
the bond refinance.
Council discussed the Riverside County Oversight Board membership and
appointment process.
MOTION – A motion was made and seconded by Agency Members
Fitzpatrick/Sanchez to adopt Resolution No. SA 2020-001 authorizing the
issuance and sale of Subordinate Tax Allocation Refunding Bonds by the
Successor Agency to the La Quinta Redevelopment Agency in the
approximate amount of $99,210,000, 2021 Taxable Series A, and authorize
certain actions in connection therewith as recommended:
A RESOLUTION OF THE SUCCESSOR AGENCY TO LA QUINTA
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE AND
SALE OF SUBORDINATE TAX ALLOCATION REFUNDING BONDS
APPROVING THE FORM OF A THIRD SUPPLEMENTAL INDENTURE
OF TRUST, OFFICIAL STATEMENT, BOND PURCHASE CONTRACT,
CONTINUING DISCLOSURE AGREEMENT, FORM OF ESCROW
AGREEMENT, AND RELATED DOCUMENTS AND AUTHORIZING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
Motion passed: ayes 4, noes 0, absent 1 (Peña)
CHAIR AND AGENCY MEMBERS' ITEMS
REPORTS AND INFORMATIONAL ITEMS – None
ADJOURNMENT
There being no further business, it was moved and seconded by Agency
Members Radi/Sanchez to adjourn at 8:59 p.m. Motion passed: ayes 4,
noes 0, absent 1 (Peña).
Respectfully submitted,
MONIKA RADEVA, Agency Secretary
Successor Agency to the dissolved
La Quinta Redevelopment Agency